Leeds unveils ‘lowest ever’ 10-year fixed rate

The deal is available from tomorrow (10 March) up to 65 per cent loan-to-value and a fixed £1,499 fee.

The mortgage is portable, has tapered early repayment charges and allows overpayments of up to 10 per cent per year.

Martin Richardson, the lenders’ director of business development, said: “Borrowers who want to give themselves security of repayments for the long term can take advantage of this extremely competitive rate.

“We expect this mortgage might appeal in particular to homeowners who only have 10 years or so left on their current mortgage term and want to lock in to an exceptionally low rate and fix their monthly repayments for the remainder of their home loan.”

Charlotte Nelson, Moneyfacts’ spokeswoman, confirmed it was the website’s lowest 10-year fixed rate.

She said: “Not only does this deal boast a competitive rate it is likely to be a popular choice for borrowers looking for the peace of mind that a 10-year fixed rate mortgage gives.”

Leeds Building Society also offers fees assisted 10-year fixed rates at higher LTVs, priced at 3.39 per cent up to 75 per cent LTV, 3.49 per cent up to 80 per cent LTV and 3.89 per cent up to 85 per cent LTV.

Each fees assisted deal comes with a free valuation, fees assisted legal services for standard remortgages, and a £199 fee.

The building society has also launched a new high LTV fees assisted mortgage.

The 3.89 per cent two-year fixed rate deal will also become available tomorrow, available up to 95 per cent LTV, with a £199 fee and free valuation.

Daniel Bailey, a mortgage broker with Derbyshire-based Middleton Finance, said the 10-year deal was welcome news for borrowers.

He said: “I still believe a 10 year fixed deal remains a very niche area. Most clients I see don’t want to fix in for 10 years, however if you have 10 years left on your mortgage, it provides a perfect opportunity to fix in till the end of your mortgage term.”

peter.walker@ft.com